Signet (SIG) Boosts Digital Offerings to Enrich Holiday Shopping
Renowned jewelry retailer — Signet Jewelers Limited SIG — is focusing on its omni-channel strategy to enhance consumers shopping experience this holiday season. Leveraging its transformative Path to Brilliance plan, it is offering customers unique and varied jewelry choices along with flexible payment options through its expanded omni-channel capabilities and digital platform. Impressively, Signet has been successful in integrating its online and store offerings in a productive manner.
We note that Signet has been proactively working towards adapting itself to customers altered shopping patterns amid the coronavirus pandemic. As online transactions began gaining prominence, Signet responded by pivoting to a digital first strategy. That said, let’s take a closer look at the company’s latest efforts to enrich shopping experience this holiday season.
Accelerated Efforts to Reinvent Shopping
This holiday season, Signet is on track to provide customers with enhanced omni-channel capabilities including new virtual offerings. The company will conduct live stream shows on social media channels, enabling customers to connect with jewelry experts in real time. The re-imagined omni-channel experience empowers the company’s expert team to engage with customers using technology such as chat, video, social media and virtual by-appointment private shopping consultations.
Additionally, the company’s JamesAllen.com brand has been made available in stores across the U.S. and in select Jared locations. The brand presents itself with an entirely new experience — The Foundry — whereby an artisan can help customers design jewelry from scratch.
Apart from this, Signet is working toward enhancing options related to customization and personalization of products across the price spectrum. It is also striving to imbibe customer sentiments in its products through launching collections like "Everything You Are" from Kay and Zales and Piercing Pagoda's Black Lives Matter charms.
To boost traffic in stores that are located in less-crowded and open air centers, Signet has added new jewelry pieces at attractive price points. The new pieces are available at all Kay and Zales outlets as well as Jared Vault stores. For customers who prefer to shop in stores, the company has put in place adequate health and safety protocols.
To top these, Signet in collaboration with its financial partners, is offering customers new payment options. The flexible payment options have been integrated with Signets digital platform. Moreover, the company is hiring concierge teams to help customers quickly get their Buy Online Pick up in Store orders.
Clearly, Signet’s well-chalked efforts to boost omni-channel offerings are likely to enrich customers shopping experience this holiday season. Markedly, the company’s investment in virtual selling is aiding higher levels of conversion in digital and retail foot traffic, as witnessed during second-quarter fiscal 2021. This along with efforts to broaden assortments and boost distribution is likely to keep yielding in the forthcoming periods. Moreover, the company is on track with driving cost effectiveness through measures like direct sourcing and reducing indirect spend and occupancy costs. The company is also on track with optimizing its store fleet.
We expect favorable trends in the digital front combined with other sound business fundamentals to keep supporting this Zacks Rank #3 (Hold) stock. Shares of the company have surged as much as 96.5% in the past three months compared with the industry’s rise of 9.2%.
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